3 Big Things Today, January 18, 2021

Markets Closed Overnight; Money Managers Increase Bullish Corn Bets

1. Agriculture Markets Closed in Observance of Martin Luther King Jr. Day

Grain markets are closed Monday in observance of Martin Luther King Jr. Day.

Trading will resume with the overnight session tonight.

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2. Speculative Investors Increase Bullish Bets on Corn, Curb Bean Net-Longs

Speculators last week increased their net-long positions, or bets on higher prices, in corn while reducing their bullish bets on soybeans, according to the Commodity Futures Trading Commission.

Investors held a net-long position of 360,184 corn futures contracts as of Jan. 12, up from 328,208 contracts a week earlier, the CFTC said in a report.

In soybeans, money managers were net long by 150,541 futures contracts, down from a net-bullish position of 159,446 contracts, the agency said.

That’s the smallest net-long position for soybeans since the seven days that ended on Aug. 25.

Investors were net long on soft-red winter wheat by 11,379 futures contracts as of last week, down considerably from 21,726 contracts a week earlier.

In hard-red winter wheat, speculators held a net-long position of 55,062 futures contracts, up from 53,443 contracts the previous week, the CFTC said in its report.

The weekly Commitment of Traders report from the Commodity Futures Trading Commission shows trader positions in futures markets.

The report provides positions held by commercial traders, or those using futures to hedge their physical assets; noncommercial traders, or money managers (also called large speculators); and nonreportables, or small speculators.

A net-long position indicates more traders are betting on higher prices, while a net-short position means more are betting futures will decline.

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3. Winter Weather Advisory Issued For Parts of Missouri and Illinois

A winter weather advisory has been issued starting this afternoon for parts of east-central Missouri and west-central Illinois, according to the National Weather Service.

Up to an inch of snow – possibly more locally – is expected as the storm rolls through, the NWS said in a report early this morning.

The advisory takes effect starting at 3 p.m. Monday afternoon. Road conditions are expected to deteriorate as the evening rolls on, the agency said.

In eastern Iowa and southwestern Wisconsin, light snow and some flurries are expected today along with some light precipitation on Tuesday. Most areas will see an inch of snow or less.

In the southern Plains, meanwhile, northwesterly winds are forecast from 15 to 25 miles an hour, which along with low relative humidity means an elevated fire threat in the area. Outdoor burning is discouraged, the NWS said.

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